EMC MORTGAGE SERVICING Misapplication of payments ripoff Irving Texas

EMC tells customers that they are not allowed to send in their payments in two parts. I perfer to send in half my payment each time I get paid on the 15th and the 30th. EMC tells me this is not allowed by my loan documents. I have reviewed my loan documents and it does not state this anyplace. They place payments in suspense until they have the full amount. This makes them more money on the finance charge because they do not apply the payment when received to the finance charge compiled to date.

My loan is a daily simple interst loan which means that interest is added daily. This means that when I send in a payment it should apply to the interest to that date and then the principle. EMC says they are not set up to accept this. If they are not set up to accept this type of payment structure they should not be servicing the account.

EMC has also failed to properly apply my payments in the months of August, Sept, Oct, Nov, Dec 2005. Because of an error in escrow calculation they were charging too much and customer service agreed to allow a lower payment but their computer system has not recognized it. I have sent in over 10 letters disputing the application of the payments and have had no response from EMC regarding the letters.

The OTS says they are not responsible for this company. I contacted the FTC they are not willing to take action against the company.

Scott
GRAND RAPIDS, Michigan
U.S.A.